To me, being rich is being debt free, owning a home, and having an independent source of income.
Assuming you are a small family with the first 2 conditions met, simple math tells me that a couple of crores in a nationalized bank will fetch you 18 lakhs per annum (@ 9%, today's average interest rate), that is at least a lakh a month post tax. Your income will be permanent as long as you have the sense never to touch the capital, so you have no obligation to save (beyond a set-aside to cover inflation) . And 1 lakh of spending money is a LOT. Even today, even in the big cities. No?
So what is the deal with people chasing thousands of crores, especially through illegal means? I agree there are people who like, and are entitled to, a large and lavish lifestyle. But what can you buy with 6000 crores most of which is hidden in untraceable "benami" accounts?
Really. serious question.
Sadiq Batcha's walls had affirmation notes that read: I will be the richest man in the world.
Bernie Madoff stole something like 75 billion dollars. Seriously, what was the plan, man?
Addiction? Something like Kleptomania? Food and money - we never think of the people who abuse these two as addicts who need help.
Assuming you are a small family with the first 2 conditions met, simple math tells me that a couple of crores in a nationalized bank will fetch you 18 lakhs per annum (@ 9%, today's average interest rate), that is at least a lakh a month post tax. Your income will be permanent as long as you have the sense never to touch the capital, so you have no obligation to save (beyond a set-aside to cover inflation) . And 1 lakh of spending money is a LOT. Even today, even in the big cities. No?
So what is the deal with people chasing thousands of crores, especially through illegal means? I agree there are people who like, and are entitled to, a large and lavish lifestyle. But what can you buy with 6000 crores most of which is hidden in untraceable "benami" accounts?
Really. serious question.
Sadiq Batcha's walls had affirmation notes that read: I will be the richest man in the world.
Bernie Madoff stole something like 75 billion dollars. Seriously, what was the plan, man?
Addiction? Something like Kleptomania? Food and money - we never think of the people who abuse these two as addicts who need help.
Yes, it is a display of one-up-man-ship rather than ability to spend. If jogging 6-7 Kms a day is enough to maintain good health, why do some people do 20 Kms every day? It can also be compared to the mindset of drivers who want to overtake every vehicle in front. We certainly need a set up akin to Alcoholic Anonymous to get rid of this addiction.
ReplyDeleteReg. AA style help group for money addicts - agree. Crying need of the hour.
ReplyDelete@Narayanan- well said.
ReplyDelete@Sandy - 1 lakh a month is ‘abundance’ for people like us because our needs are almost always basic. Referring to most of your posts so far, our pursuit is always "value for money" when buying things needed in life and 1 lakh a month is perhaps at least 7-8 times more money than we need. Whereas there are people out there who feel inadequate if they do not somehow buy the most expensive thing even if it is not affordable. Their definition of richness is different from ours. And they are somehow convinced that the rich is happier – what else justifies people getting into atrocious levels of debt for things they do not need? - Mentally crippled and spiritually bankrupt, don’t you think?
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